GSI Technology, Inc. (GSIT), a provider of static random access memory (SRAM) products used in telecommunications equipment, released Q1 2009 financial results today after the close. Revenues were $17.3 million, an increase of 53% year over year. Net income increased 173% to $3.0 million, or 11 cents per share, compared to $1.1 million or 4 cents per share last year. Analysts expected earnings of 7 cents per share on revenues of $15.3 million.

“In both sales and profitability, we continue to build on the momentum established in prior quarters,” said Lee-Lean Shu, the company’s Chairman and Chief Executive Officer. “The growth in revenue — which was accompanied by stronger margins as the sales mix shifted toward a higher percentage of high-density products — was driven primarily by an increase in direct and indirect sales to Cisco Systems, which were $5.7 million in the first quarter of fiscal 2009 compared to $4.2 million in each of the preceding two quarters. The other significant contributor was a $400,000 shipment of a high-density device to a customer in the military/defense sector; this, in conjunction with a strong increase in sales of SigmaQuad products, further contributed to the improvement in margins.”

GSI issued revenue guidance for the second quarter. The company expects to recognize sales in a range of $16.5 million to $17.3 million. Analysts surveyed currently anticipate $15.8 million in revenues for Q2. Shares of GSIT closed at $3.90 today and have traded within a range of $2.20 – $4.96 during the past year. With 28 million shares outstanding, GSIT has a market cap of $109 million. Shareholder’s equity is $80.9 million, or approximately $2.90 per share.

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